Technologies · Systems · Solutions - Dürr

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80 Notes to the consolidated financial statements for the 2004 reporting period 1. Summary of significant accounting policies The Company Approval of the consolidated financial statements as of December 31, 2004 Change in accounting and measurement policy Dürr Aktiengesellschaft (“Dürr AG” or the “Company”) is headquartered at Otto-Dürr-Strasse 8 in 70435 Stuttgart, Germany. Dürr AG and its subsidiaries (“Dürr” or the “Group”) develop and manufacture paint finishing plants, automation and conveyor systems as well as environmental systems and industrial cleaning technology. In addition, the performance spectrum of Dürr includes manufacturing support services, the manufacture of systems for process control proce- dures, the automation of production processes and the balancing or diagnosis of revolving parts and assemblies. Dürr’s main customers are the major companies in the automobile industry worldwide. The consolidated financial statements of Dürr AG for the reporting period ended December 31, 2004, have been prepared for the first time in accordance with all International Financial Reporting Standards (IFRS) applicable as of the balance sheet date which were published by the International Accounting Standard Boards (IASB), including the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The requirements of the standards applied were satisfied in full. With the consolidated financial statements pursuant to IFRS, the Company makes use of the option to prepare exempting consolidated financial statements according to an internationally recognized set of accounting standards as set forth in Sec. 292a of the HGB (“Handelsgesetzbuch”: German Commercial Code). The consolidated financial reporting have been prepared according to the interpretation by the German Standardization Committee (DSRC e.V.) in German Accounting Standard No. 1 (DRS 1) and is in line with the 7th EC Directive. In accordance with the rulings of International Accounting Standard (IAS) 1 as amended in 1997, Dürr has exercised the option to present the balance sheet by maturities. The reporting period of Dürr is the calendar year. The consolidated financial statements are prepared in thousands of euros (€ thousand), unless stated otherwise. All assets and liabilities are carried at cost, with the exception of derivative financial instruments and available-for-sale securities that are carried at fair value. The consolidated financial statements and Group management report of Dürr Aktiengesellschaft prepared by the Board of Management as of December 31, 2004, were approved at the meeting of the Board of Management on March 24, 2005, for submission to the Supervisory Board. Effective January 1, 2004, Dürr adopted IFRS as its basis of Group accounting. The consolidated financial statements prepared as of December 31, 2003, in accordance with United States Generally Accepted Accounting Principles (US GAAP) were adjusted with the help of a reconciliation statement to the accounting and measurements principles of IFRS. When applying IFRS 1, Dürr uses accounting conveniences in the areas of business combinations (IFRS 3), employee benefits (IAS 19) and effects of changes in foreign exchange rates (IAS 21).
Consolidated financial statements of Dürr AG Amounts in €k Group equity without minority interests according to US GAAP as of December 31, 2002 262,296 Adjustments to IFRS Recognition of development costs pursuant to IAS 38 3,572 Remeasurement of provisions for pension obligations 1,477 Calculation of pension obligations pursuant to IAS 19 and recognition of actuarial gains and losses Provisions for phased retirement Measurement pursuant to IAS 19 –587 Change in investment in associates 82 Effects of IFRS adjustments in the equity of associates Change in minority interests –24 Effects of IFRS adjustments in the equity of subsidiaries with minority interests Other recognition and measurement differences 257 Effects on deferred taxes –1,681 Total adjustments to IFRS Group equity without minority interests 3,096 pursuant to IFRS as of January 1, 2003 265,392 Amounts in €k Group equity without minority interests pursuant to US GAAP as of December 31, 2003 215,211 Adjustments to IFRS Recognition of development costs pursuant to IAS 38 4,840 Remeasurement of provisions for pension obligations 1,769 Calculations of pension obligations pursuant to IAS 19 Liabilities for restructuring –514 Fulfilment of recognition criteria pursuant to IAS 37 Provisions for phased retirement Measurement pursuant to IAS 19 –658 Change in investment in associates 73 Effect of IFRS adjustments in the equity of associates Change in minority interests –85 Effect of IFRS adjustments in the equity of subsidiaries with minority interests Other recognition and measurement differences 400 Effects on deferred taxes –2,168 Total adjustments to IFRS Group equity without minority interests 3,657 pursuant to IFRS as of December 31, 2003 218,868 81 The effects of the conversion to IFRS Group accounting on the consolidated shareholders’ equity as of the balance sheet dates January 1, 2003, and December 31, 2003, and on the Group net loss for 2003 are presented below:
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Technologies · Systems · Solution
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Continuing operations Paint Systems
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Technologies · Systems · Solution
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Contents 4 Letter from the Chairman
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Letter from the Chairman of the Boa
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Board of Management of Dürr AG Ste
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Report of the Supervisory Board The
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Report of the Supervisory Board Mem
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Bond ISIN (Reg S): XS0195957658 ISI
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Dürr on the capital market 15 With
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Dürr on the capital market We repo
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Application of powder paint base co
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RoDip dip-painting process: In the
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Dürr designs and supplies perfectl
Page 33: Final Assembly Systems Product line
Page 37 and 38: Cylinder head cleaning: A highpress
Page 39: Dürr Ecoclean systems ensure optim
Page 43 and 44: Automatic wheel mounting system of
Page 45: Measuring Systems Product lines Bal
Page 49 and 50: Paint distribution center in an aut
Page 51 and 52: Discontinued operations Development
Page 53 and 54: September PUSH symposium On behalf
Page 55 and 56: Sales of passenger cars and light t
Page 57 and 58: Consolidated management report Impr
Page 59 and 60: Consolidated management report Cons
Page 61 and 62: Amounts in €m Total incoming 2004
Page 63 and 64: Amounts in €m 2004 2003 Total inc
Page 65 and 66: 100 90 80 70 60 50 40 30 20 10 Fina
Page 67 and 68: Consolidated management report Curr
Page 69 and 70: Consolidated management report In d
Page 71 and 72: Consolidated management report Purc
Page 73 and 74: Consolidated management report Succ
Page 75 and 76: Consolidated management report GmbH
Page 77 and 78: Fully automated vehicle painting pr
Page 79 and 80: Independent auditors’ report Inde
Page 81 and 82: Consolidated financial statements o
Page 83: Consolidated financial statements o
Page 89 and 90: 4. New accounting standards 5. Cons
Page 91 and 92: 7. Changes in the consolidated grou
Page 93 and 94: 9. Discontinued operations Consolid
Page 95 and 96: 10. Accounting and measurement prin
Page 97 and 98: Investments in associates Financial
Page 99 and 100: Cash and cash equivalents Borrowing
Page 101 and 102: Dependence on a few customers Use o
Page 103 and 104: 15. Other investment income/loss 16
Page 107 and 108: Amounts in €k Impairment test for
Page 109 and 110: 21.Trade receivables Consolidated f
Page 111 and 112: Nature and purpose of reserves Divi
Page 117 and 118: 29. Segment reporting Paint Systems
Page 121 and 122: 31. Contingent liabilities 32. Othe
Page 123 and 124: Credit risk Currency risk Interest
Page 125 and 126: 36. Other notes Subsequent events G
Page 131 and 132: Property, plant and equipment Amoun
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Consolidated financial statements o
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Consolidated financial statements o
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Italy Olpidürr S.p.A. Novegro di S
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Financial calendar for 2005 April 2
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